Spanish companies need ‘radical change’ to comply with Paris agreements

Analysis of corporate climate targets shows ‘radical change’ needed to meet Paris Agreement goal of limiting global temperature rise to 1.5 degrees, study says in line with Spanish companies Increase warming to 2.7 degrees.

Prepared by the non-profit association CDP and the consulting firm Oliver Wyman, it warns that Spanish companies are not respecting the Paris agreement and are on the right track, just like the G7 as a whole (Germany, Canada, United States, France, Italy, United Kingdom and Japan), to reach 2.7°C of global warming.

According to the officials, with the current emission reduction targets set by companies, no economic power in the world has an industry capable of decarbonizing enough to meet the 1.5 degree limit and, let’s calculate them, together they will reach 2.7.

Companies in Germany, the Netherlands and Italy have the most ambitious G7 emissions reduction targets, where collective emissions should match the degree of decarbonisation needed to limit global warming to 2.2°.

They are followed by France (2.3), the United Kingdom (2.6) and the United States (2.8), while Canadian companies are the worst performers, aiming for 3.1 degrees of heating.

In a statement, the report’s authors stressed that the study’s temperature ratings reflect business ambition, but not national policies, and pointed out that there is a gap between what is promised by policymakers. and the real economy. The difference is enough.

The rating includes all emissions from the corporate value chains (scopes 1, 2 and 3) and reflects the potential temperature increase if global emissions decline at the same rate as the corporate target.

For each country’s temperature, individual company scores were aggregated and weighted by total emissions.

Better than Europe, North America and Asia

The analysis shows that European companies “clearly and consistently outperform” North American and Asian companies across all sectors.

Thus, for example, the European electricity production sector is ahead of all regions of the world with a warming of 1.9°C, compared to 2.1°C in North America and 3°C in Asia.

Overall, the European business sector has fallen from a score of 2.7 in 2020 to 2.4 in 2022, due to the rapid growth of businesses with science-based objectives in 2021 (those that independently assess through science and speed up the process). deems important to do).

Collectively, companies with science-based targets have reduced their emissions by 25% since 2015, and the high temperatures seen in countries like Canada and the United States are largely due to a complete lack of targets by their companies. .